Chicgo Guy has it nailed. Rats off a sinking ship comes to mind. What it really boils down to is that I have another referrral source, a lender that cant get it done.

The people there are nice but you cant get the loans done. Mgmt tries to help but they can get anywhere. You think the point accumulator is bad news for them what until they are investigated for the Lead Generation pay to Real Estate offices.

Question. Who's the rats?......
I love to read these comments for some comic relief, but I just could not hold back anymore.
As far as your hypothesis- you don't know jack.
1. Had to borrow money from Sterling to make payroll in October.
- like you would know. Do you really know how profitable we really are? Nope.
2. They fired Todd Duncan... Still had to pay him because of his contract$$$
-Dunky was not fire. He is moving into a more consulting roll. You know he got back his business from the law suit right? Probably not since you don't talk to him directly you would not know that.
3. Comp plan doesn't work.. To much subsidy being used on Refi's.. killing profit on P&Ls -
-How's the comp plan not work when the overall revenue increased? Another assumption. Do you even know our refi capture rate? Nope. Probably because you are not understanding the comp plan and the revenue between purchases and refi's have a variance in revenue but were averaged into the comp plan.
4. Jose has left the company.. So the state Florida is gone as well as Virginia.
- Jose went to HBM to run it and was already looking to get out of mortgages anyway. He is still great friends will all. If you knew him you would know he does not have a bad word to say. Already had someone slotted he worked with directly to transition his position.
5. Only 400 loan officers left...
- and your point? how many are left in the business after the last 5 yrs. 10%? You make it sounds like people just leave to other companies. How about â they just donât produce and threw in the towelâ¦..
6. Sterling is selling Prospect for whatever they can get for it... Caliber Funding is probability the buyer...
- more propaganda. You must have a bug in Ron's condo...
7. Prospect is no longer a nationwide company.. Meaning so many managers have left and have taken their Lo's that there are complete states with no offices now..
- Like Belmont Montana, Yakima Washington. ... Yes, that is a great profit model. Letâs have an office on every corner. Morron. Glad youâre not at the helm.
8. The Power House recruiting team are quitting.. What does that tell you when our own recruiters see what's happening...
- 2 guys leave and the sky of falling??? But when we replace them over night - then what? Maybe they left cause they sucked. Ever think of that? Now I know you donât know jack and are speculating.
8. Top mangers are leaving.. In northern Ca., Denver, Florida, Va.
- people leaving all the time, and get hired too. If you have not noticed all the new shops opening up with killer rates to bring you in. Then ratchet up the margin like Prime or South Western Pacific or any of the other bankers. If you have been in any time- it is the MO of all these new companies.
9. Rates are so high because of the high over head and lack of Lo's left.
- You must run comps every day â oh wait, you donât see those reports. And we are in the best 4 to 5 of 2. Not the lowest , not the highest â right in the middle.
10. The number 1 Loan officer in the company Brian Minkow is over 130,000 dollars negative in his accumulator... Which is unfair for all other Lo's at Prospect that are not allowed to go negative and are losing deals based on rates.
- Now this is just dumb. Lets see, a 200 mil producer â that is not even what he collected in processing fees. Itâs like 5bps??? What do you contribute to the bottom line? Negativity?
You not a Diamond producer. More like a âhas beenâ that has run the course and just needs to go. Your weak and just need to lay off the speculation. If you canât get a loan done â maybe it was never a loan to begin with. Or just cause DU âLikes itâ doesnât mean it should be done either, and no one wants to sign off on it and tell you.
As far as Ron taking a helicopter to work, it has been over a yr. since now he is getting his divorce settle. From Sherman to his home is far, and the pilot was a friend â the time away was still too much and has moved closer to the office. So if you knew all the facts and you were in his shoes with his money â you would do the same to be with your family. Judging from your timeline of knowledge of the rumors, you donât know jack and leave already.

Where there is smoke there is fire-- You had to respond to too many rumors and your response to those concerns are incorrect and sound like excuses. Lots of changes there and not for the better, management and LO's leaving in droves- some of which are good producers. Never a good thing when more leave than come in, right? Sling the B.S. however you like.
Your "point bank" is very suspect as are your "agreements" with Realtors only time will tell.
Sterling has had an eye on selling Prospect since mid 2000's or earlier.

How about this? We can have lunch with them and you can ask them yourself? Then you have to post it word for word on what is what.
Comps have already been reviewed. As a matter of fact others have now adopted the model like Prime and WJB, and even take it one step further and dish it as a bonus. Look it up or ask someone who works there.
As far as the MSA and JV deals. They are boiler plate and reviewed by HUD and our attorneys after the fine for approval. So you can keep holding on to your breath. Which, by the way HUD approved many years ago and a different arm decided to have an issue. To keep good standing it made more sense to pay them, and keep the relationship. You donât think a company that funded 6 Billion last year is not a big target already? How about the comp is reviewed by the money line providers too? This is not some whole in the wall mom and pop show, giving LOâs w-2âs and 1099âs at the same time like JMJ Financial and others does it. That is illegalâ¦.. but they continue to fly under the radar for now.
Is there more competition? Yes. Popping up like mushrooms. They are small and nimble with less overhead and are luring people away no doubt. Look at a wholesale rate sheet, turn times, and less over sight they can do.
Do loan officers struggle to put a deal together more than before, because they have too. Yes. Less to go around other than refi's. Loâs trying to do a deal and donât even bother to look up comps or even how to calculate income.
Does production expand and contract? Sure do - ask Met life, Prime, B of A, Chase, Citi, Ally, and can just keep going. Ask those Met life guys how that tight pricing margin worked out for themâ¦â¦. Or moving ops like Met Life, Prime, B of A, Wells, andâ¦ to save a buck or two, or Ally getting put on the market.
When we are looking for more opps support after laying-off and cleaning house, cut the fat and spend it in better places. It's nice how that gets twisted. Goal is to get to 21 day turn times. Or more management people will be replacedâ¦.. Tell me that is not for the betterâ¦
As for some LO's leaving. Even top producers can be non-profitable especially the high maintenance ones with high comp plans. And for some, âpriceâ is all they sell and will always suck anyways, so they need it. As for the JV guys vs. regular retail, nothing bad against them, but they need to provide more value than just closing a deal fast and the best price in town, while being few to many.
There is more to it than you know.

Wow, you guys are pretty sad.
1 guy leaves a company and to h**l and a hand basket it goes? How about someone fills his shoes, and brings LOâs with themâ¦.. Maybe even better than himâ¦. and it is a washâ¦. Where is your negativity now??
First off, there are 613 Loan officers in the Co. So get your numbers right. Take a guess at how many hired last month? I am betting you are WISHING it was 0. Still wrong.
Let me seeâ¦â¦ according to my brotherâs next door neighborâs cousin's landscaper knew Ed too. And he said "good lord, the sky is falling". Then realized it was the neighbor tossing poo poo. And I know you donât know Nino. He probably does not know you either. Because if you did, you would not be afraid to ask him yourself.
The way you plainly speculate is just ridiculous. Why not ask Ed why he left? How about when John Johnson left? Or anyone else of significance? The company is not about them, it is about its people. That is why it keeps on ticking. If you think that someone can't get replaced or recruited your wrong. How about the truth that LO's that left a year ago would to come back because the recruiter âetherâ wore off and realized they had lack of product and lack of support. Who cares? Someone else will not be happy where they are at because they donât realize itâs them that is the problem. All that spew from these peopleâs mouths is negativity.
The grass is only greener where you water it. Even a monkey can point out a problem. Takes a man or a woman to fix it. Why not bring an idea or try to make a difference? Cause you canât. You donât have what it takes. You donât have influence other than an anonymous forum like this. Probably makes your nuts feel a little bigger doesnât it?
That is all this forum has become. Bash the place you work, recruiters adding to hear say B.S. to it. Go write on someone else's bathroom wall. Leave already. And take your negativity pals with you so we can close some loans.
Poor p&L my dingle berries. You don't have one. BM's had that taken away last Sept. for metric stips. Comp is no longer about that. And it is only available to District M. And if you were a DM you would be a lot closer to the truth. What a jokeâ¦.. Now why does no one call you out I wonder? People doing loans donât have time to read this stuff. Iâm tired of watching it and someone who really knows needs to call you out.
Would you like me to post how you comp out with everyone else? And your boy at Sterling... right.... In the Billionaires club too. Did he mention Ron was a speaker to the last CEO event? Think about that for a second. Room full of CEOâs and your âhigh school hommie at Sterlingâ gave you dirtâ¦. Thatâs itâ¦. youâre just another fly on the wall trying to dish dirt. âI can only imagine what Ron is thinkingâ hahaha, too funny. You should change your ID to Mr. Speculation-hear-say.
Go put your big boy pants on and get a loanâ¦. Somewhere else!

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